Torque Step-by-Step Guide
Looking to borrow some money? This guide will help you open and manage a loan using Torque. You will need an Ethereum wallet, some ETH to pay for transactions, and an accepted ERC20 token to use as collateral.
Step 1: Connect your wallet
Click on “Click to Connect Wallet” in the top right corner.
Select your preferred Ethereum wallet. For this guide, we will be using MetaMask, but you can connect using any of the wallets listed below.
Step 2: Choose an asset to borrow
Select the asset you want to borrow. For this guide, we will borrow DAI.
Step 3: Decide how much to borrow
Enter how much DAI you want to borrow and select the type of collateral you will be using to back the loan. The more you borrow, the more collateral you will need.
Click “Borrow” and confirm the transaction.
Step 4: Manage your loan
Once confirmed, your newly opened loan will show up on the “Your Loans” dashboard.
From the dashboard, you can add or remove collateral, repay the loan, pay interest on the loan upfront, and borrow more.
Manage Collateral (Optional)
Step 1: Adjust Collateral
To add or remove collateral from your loan, adjust the slider between left and right.
Step 2: Withdraw Collateral
To remove collateral from the loan, move the slider toward the “Withdraw” side. Click “Withdraw”.
Step 3: Add Collateral
To add collateral to your loan, move the slider to the “Top Up” side. Click “Top Up”.
Topping up collateral makes your loan safer and less likely to get liquidated.
Front Interest (Optional)
You can pay some interest on your loan in advance. You can pay for as little as one day of interest or as much as 365 days of interest. Use the slider or select the percentages to choose how much interest you want to pay, then click “Extend”.
Borrow More (Optional)
You can borrow more as long as you have over 150% collateral. Enter how much you want to borrow and click “Borrow”.
You won’t be able to borrow more if your loan is less than 150% collateralized.
Repay Loan (Optional)
You can repay as much or as little of your loan as you like. If you want to completely repay the loan and get all your collateral back, select 100% and click “Repay.”
Once 100% repaid, the loan is closed and your collateral will return to your Ethereum address.